Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

We have the initial 14 national awards with indicative provisions in them at this stage. They are technically drafts. The commission is going through a process. It will hear the position of state and federal areas that have not yet been developed in terms of those 14, apparently doing that in tranches. The operative date is 1 July next year. The status quo continues until 1 July next year anyway. For example, CareSuper—or anyone else for that matter that wants to become a default fund—can put a submission to the commission and they may or may not be accepted. The commission will oversee that process.

Are the commission going to develop criteria? I wrote to them and suggested that the criteria should primarily be long-term performance—say over 10 years—in the best interests of the member. The commission have not got the data to do that, so I understand their reluctance. But I would argue that we need criteria. The best way to get that is as part of superannuation policy.